EXCLUSIVE: Channel 5’s profit has dropped more than 30% after ViacomCBS’s restructure of its UK channel brands resulted in a £19.8M ($25.6M) programming write-down. The British broadcas…
The British broadcaster’s operating profit fell to £27.4M in the 15 months to the end of December last year, compared with £39.9M in 2018, according to its annual earnings report. ViacomCBS extended Channel 5’s financial year after the CBS merger last year.
Channel 5 said the drop in earnings could largely be blamed on the content write-down, which followed including Channel 5, Comedy Central, and MTV. The impact of the restructure was marked given that Channel 5’s write-down costs were only £2.1M in 2018.Channel 5’s revenue rose 20% £452M last year — though this was a result of its accounting period being extended by three months. Like-for-like, Channel 5’s revenue was down 6.8% to £350.
Channel 5 said the outlook for 2020 is not much better because of coronavirus. It said this year’s earnings will be “materially impacted” by the pandemic. “The company is implementing a range of measures to mitigate the impact of Covid-19 on its finances, as well as the ongoing softness in the UK TV advertising market in response to the economic uncertainty caused by Brexit,” Channel 5 said.
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